Stock market today: Live updates

Federal Reserve President Michelle Bowman said on Friday that further interest rate hikes may be needed if economic data show no compelling signs that inflation is declining. Stated.

In remarks prepared for a speech in Frankfurt, Germany, Bowman said, “If inflation remains high and the labor market remains tight, a sufficiently restrictive monetary policy stance to lower inflation in the “Additional monetary tightening is likely to be appropriate to achieve

Combined with last week’s nonfarm payrolls data, these figures suggest that “inflation is It has not provided consistent evidence of a downward trend,” the central bank official said. . “

— Jeff Cox

European stocks rose early on Friday, with the benchmark Stoxx 600 up 0.36 per cent as markets hoped for a positive end to the week after three consecutive losses.

Britain’s FTSE 100 index rose 0.4% after Britain’s GDP grew 0.1% in the first quarter, but pressure on household incomes and strikes slowed growth.

France’s CAC40 rose 0.77% and Germany’s DAX rose 0.3%.

Britain’s economy grew 0.1% in the first quarter, but gross domestic product (GDP) fell 0.3% in March from the previous month, according to data released Friday morning.

High inflation put pressure on household incomes, a drop in wholesale and retail trade, and unusually rainy weather were among the factors that slowed economic activity.

— Jenny Reed

Malaysia’s gross domestic product (GDP) grew 5.6% in the first quarter from a year earlier, beating the 4.8% forecast of economists polled by Reuters.

This also surpassed the 4.8% rise recorded during the same period in 2022.

On a seasonally adjusted quarter-on-quarter basis, the Malaysian economy grew marginally at 0.9%, compared with a contraction of 1.7% in the final quarter of 2022.

Malaysia’s chief statistician said the services sector was the “main driver” of growth, registering a 7.3 per cent year-on-year increase.

The country’s construction sector grew 7.4% in the first quarter, while its manufacturing sector grew 3.2%.

— Lim Huisier

Taiwanese electronics contract manufacturer Foxconn’s first-quarter net profit was TWD 12.83 billion ($417.2 million), down 56% from TWD 29.45 billion in the same period last year.

Foxconn, formally known as Hon Hai Precision Industry, blamed an impairment loss related to its 34% stake in Japanese electronics company Sharp.

Hon Hai’s CFO David Huang detailed that Sharp had a “significant asset impairment loss” of 219.7 billion yen or NT$50.5 billion in the fiscal year ending March. Therefore, due to Hong Hai’s shareholding ratio, an investment loss of NT$17.3 billion needs to be recognized.

However, the company’s operating performance remained strong, with sales up 4% to TWD 1.46 trillion, a record high, and operating profit at TWD 40.5 billion, up 11% year-on-year.

Hon Hai shares fell 1.9% on Friday.

MSCI will remove two Adani companies from its index, which includes the India index, on May 31, following a change in the calculation of outstanding shares.

“Adani Transmission and Adani Total Gas will be removed from the MSCI GIMI, along with their associated MSCI Factors, MSCI ESG, MSCI Thematic and MSCI Capped Indices at the close of trading on May 31, 2023.” said MSCI in May results. Index review.

This comes after Adani Enterprises announced plans to raise funds Wednesday, with a board meeting scheduled for Saturday, according to the filing.

Shares of Adani companies fell nearly $150 billion earlier this year after short-selling firm Hindenburg Research accused them of manipulating their stock prices and accounting fraud.

U.S.-listed shares of e-commerce giant JD.com rose after the company’s earnings beat expectations.

China’s second-largest e-commerce firm closed 7.21 percent higher after reporting better-than-expected first-quarter earnings.

Rival Alibaba’s net sales rose 1.4% year-on-year to 243 billion yuan ($35 billion) in the quarter, beating analysts’ average estimate of 239.42 billion yuan, according to Refinitiv data.

The company also announced that CEO Xu Lei has stepped down and will be replaced by current Chief Financial Officer Sandy Ran Xu.

— Arjun Karpal, Jihye Lee

Don’t throw out your short-term Treasury bills in fear of debt ceiling rhetoric.

Investors were also disappointed late Thursday when President Joe Biden and congressional leaders postponed a meeting originally scheduled for Friday until next week.

Uncertainty over whether Washington’s leadership will reach a deal has also played itself out in short-term Treasury bills, with one-month Treasury yields soaring this month.

Now might be a good time to take stock of your holdings, especially in bonds, and consider moving to long-term bonds in preparation for the day the Federal Reserve eases policy.

Learn more about how portfolios are impacted by the debt ceiling here.

–Darla Market

As of Thursday’s close, the Dow Jones Industrial Average and the S&P 500 are headed down for the week, while the Nasdaq Composite is on pace to finish the week higher.

• The Dow Jones Industrial Average fell 1.08%, marking the second consecutive week of negative pace for the first time since the two consecutive weeks of decline until March 17.
• The S&P 500 fell 0.14%, marking its second consecutive week of negative pace for the first time since the three-week period ended Feb. 24.
• The Nasdaq rose 0.76%, marking its third consecutive week of positive growth.

— Chris Hayes, Sarah Min

News Corp rose 4.6% in after-hours trading after third-quarter earnings beat analyst expectations.

On Thursday night, the mass media company reported earnings of 9 cents a share, above expectations of 5 cents, according to analysts surveyed by StreetAccount. Revenue was $2.45 billion, beating consensus expectations of $2.38 billion.

Copper for July delivery fell 3.4% on Thursday to $3.71 a pound, the lowest since late November for Dr. Copper. Copper is down about 4.5% so far this week, marking its fourth straight week of declines. U.S. Copper Index Funds Fall 2.3% in 2023.

Meanwhile, the West Texas Intermediate June crude contract fell another 2.3% on Thursday, also set to lose for the fourth consecutive week. WTI is down about 11.7% year-to-date, while the US Petroleum Fund is down about 8.2% in 2023.

— Gina Francola, Scott Schnipper

A meeting on the debt ceiling between President Joe Biden and congressional leaders scheduled for Friday has been postponed until early next week, sources told CNBC.

Biden is headed by House Speaker Kevin McCarthy (R-California), Senate Minority Leader Mitch McConnell (R-Kentucky), Senate Majority Leader Chuck Schumer (Denistan), and House Minority Leader Hakeem Jeffries. I was scheduled to have a meeting with the hospital general manager (Denistan).

The U.S. government could default as early as June 1 if Congress doesn’t address the debt limits.

— Emma Kinnally

Elon Musk said Thursday that Twitter has a new CEO who will move into product and technical roles.

Mr Musk said. Via Twitter The new CEO, an anonymous woman, is expected to take over in about six weeks.

He added that he would transition to “executive chairman and chief technology officer (CTO) overseeing product, software and systems personnel.”

Tesla shares rose 0.6% in after-hours trading.

The latest weekly survey by the Association of Individual Investors showed retail investors’ bearish view that stocks will weaken over the next six months remained “abnormally high” for the second straight week.

Bearish has fallen from 44.9% to 41.2%, compared with a multi-decade historical average of 31.0%. Equity pessimism has been above historical averages for 72 of the past 77 weeks, according to AAII.

The percentage of bulls rose to 29.4% from 24.1% the week before, compared with a historical average of 37.5%. It was the 75th week in the past 77 weeks that the bullish stance fell below historical norms. “Optimism remains at low levels, but no longer exceptionally low,” said AAII. The rest of the investors surveyed are market neutral.

Investor sentiment is considered a contrarian indicator. Most investors believe that they have already sold and are holding large amounts of cash, so a significant bearishness is viewed positively as representing less risk. The opposite is true for high strength.

— Scott Snapper